Source: Business Standard
For 2012-13, the second advance estimates sets production at 129.57 lakh tonnes, the highest ever. Despite the rise in output, high demand for edible oils has seen prices rising since 2010; the price of a litre retail pack of soybean oil rose steadily from a low of Rs.54.67 on an average in July 2010 to Rs.86.25 in February. With high dependence on imported oils, global trends are crucial for domestic prices. The minimum support price for the crop was increased by 30 per cent in 2012-13 to encourage domestic production. Inflation in soybean in 2012 was partly due to low supplies from the two main producers - Brazil and Argentina. This year, with both global and domestic output expected to be robust, pricing pressures will be less on the supply side, though demand pressures will continue to weigh, keeping prices from falling significantly.
IPM data till weekending February 23.The Indicus Price Monitor, a product of Indicus Analytics Pvt Ltd tracks real time wholesale prices for 60 agricultural products from more than 3,000 mandis across the country. Due to differences in methodology, the actual levels of the IPM differ from the corresponding WPI. However, broad trends are in sync.